Statement by U.S. Trade Representative Susan C. Schwab on ITC Analysis on the U.S.-Korea Free Trade Agreement
"We welcome the ITC's finding that the U.S. – Korea Free Trade Agreement will expand U.S. exports and U.S GDP. The ITC’s independent and comprehensive analysis reinforces the fact that the KORUS FTA is the most commercially significant free trade agreement the United States has concluded in over 15 years – and that Congress should act to approve it,” said Amb. Schwab. “This agreement to open up trade with Korea – the world’s tenth largest economy – will support thousands of American jobs and higher American incomes. Farmers, ranchers, manufacturers, and service providers in every state will benefit from deeper and stronger trade and investment ties with this key Asian ally.”
The United States and Korea signed the free trade agreement on June 30, 2007. Under Section 2104(f) of the Trade Act of 2002, the ITC, an independent and non-partisan agency, is required to submit to the President and the Congress a report assessing the likely impact of a trade agreement within 90 days of the date the President enters into the agreement. The report assesses the likely impact of the agreement on the United States economy as a whole and on specific industry sectors and the interests of U.S. consumers.
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